Switching Mortgage

gsp119

Hi



Question regarding switching mortgage.. we are interested in switching to BOI, can we keep our existing mortgage protection policy ? , and our existing building/contents insurance ?



 



thanks

Bank of Ireland: Tara

gsp119 wrote: »

Hi



Question regarding switching mortgage.. we are interested in switching to BOI, can we keep our existing mortgage protection policy ? , and our existing building/contents insurance ?

thanks

Hi gsp119, 

Thanks for contacting us here on Boards.ie

I've sent your query on to our Mortgage Team and will come back to you here as soon as I have an answer. 

Thanks
Tara

gsp119

Bank of Ireland: Tara wrote: »

gsp119 wrote: »

Hi



Question regarding switching mortgage.. we are interested in switching to BOI, can we keep our existing mortgage protection policy ? , and our existing building/contents insurance ?

thanks

Hi gsp119, 

Thanks for contacting us here on Boards.ie

I've sent your query on to our Mortgage Team and will come back to you here as soon as I have an answer. 

Thanks
Tara

Thanks Tara

Bank of Ireland: Tara

Hi gsp119,

The Mortgage Team have advised if it is a straight switch (i.e no additional lending) on the same term, it is fine to keep your existing life and house insurance policies however, the policies will need to be refreshed based on the new application. For example, our interest will need to be noted on the life policy and if the new valuation shows a different property reinstatement value from that originally covered under the house insurance policy, this will need to be updated. There's no need to change your existing life or house insurance provider. 

Hope this helps and thanks for your patience.

Thanks
Tara

gsp119

Bank of Ireland: Tara wrote: »

Hi gsp119,

The Mortgage Team have advised if it is a straight switch (i.e no additional lending) on the same term, it is fine to keep your existing life and house insurance policies however, the policies will need to be refreshed based on the new application. For example, our interest will need to be noted on the life policy and if the new valuation shows a different property reinstatement value from that originally covered under the house insurance policy, this will need to be updated. There's no need to change your existing life or house insurance provider. 

Hope this helps and thanks for your patience.

Thanks
Tara

Hi Tara

thanks very much - that will make switching a lot easier for us

regards
J

Bank of Ireland: Tara

Hi gsp119,

That's great to hear and if you'd like us to arrange a call from a Mortgage Adviser to help with the switch please feel free to drop us a private message here by clicking the link under any of our signatures.

Thanks
Tara